It’s probably never been harder to qualify for a mortgage today but for those who do, I think that the rates are the lowest ever…
Up to $417,000 loan amounts:
4.875% 30YR Fixed no-cost-no points(just appraisal)
4.75% 30 YR Fixed no points + 3rd party costs
Above $417,000 loan amount
5.00% no cost/no points (just appraisal)
4.875% no points + 3rd party costs
5-7-15 YR rates are lower, starting at 3.25%.
30 YR rates as low as 4.375% with added cost
The confusion for many people is whether it makes sense and what it costs. Some people say that they only have 24 years left (or any # of years) and it doesn’t make sense to refi into a new 30 year loan. Perhaps they don’t understand that they can still pay the loan off in 24 years by adjusting their payment. You are ALWAYS better off in a lower interest rate, you just need to figure out what the total costs are and most importantly IF you can qualify.
There is also a difference in a total no cost loan and a no point loan, but it’s not complicated.
Title policies that are required by a lender are based on the loan amount.
The 3rd party closing costs that include escrow, title, notary,recording and lender underwriting should be guaranteed up front. There should be no other surprise costs/fees.
For a loan amount over $250,000 but below $450,000 this cost should be right around $2000. For loans below $250,000 it should be no more than $1800. For loan amount $450K-$650K it’s around $2350.
In addition to the above costs, you have a choice of paying more to get a lower rate & lower payment OR taking a higher rate that will add little or nothing to your loan balance.
4.875% zero cost loan will add nothing to your loan balance. You may or may not be reimbursed for appraisal.
These rates are available on rental property as well, at a higher cost.
For some people it is possible to refinance into similar rates for up to 125% of the current value.
The exact costs do change daily based on the bond market and not guaranteed until locked.
Why do so many people think that it doesn’t make sense to refinance with a very low OR no cost although the savings are guaranteed to be thousands and thousands of dollars over the life of a loan ?
…HLS
No offense, but this thread is advertising by HLS. And the rates quoted are not the lowest ever, although they are close. Last May I refinanced a $500K loan, 30 yr fixed, no points, 3rd party closing costs only, at 4.625%.
At the time, my experience was that Zillow mortgage quotes were by far the best way to find a good rate from a reliable broker. Essentially identical rates are quoted today through Zillow. Of course, your mileage may vary.
No offense, but this thread is advertising by HLS. And the rates quoted are not the lowest ever, although they are close. Last May I refinanced a $500K loan, 30 yr fixed, no points, 3rd party closing costs only, at 4.625%.
At the time, my experience was that Zillow mortgage quotes were by far the best way to find a good rate from a reliable broker. Essentially identical rates are quoted today through Zillow. Of course, your mileage may vary.
No offense, but this thread is advertising by HLS. And the rates quoted are not the lowest ever, although they are close. Last May I refinanced a $500K loan, 30 yr fixed, no points, 3rd party closing costs only, at 4.625%.
At the time, my experience was that Zillow mortgage quotes were by far the best way to find a good rate from a reliable broker. Essentially identical rates are quoted today through Zillow. Of course, your mileage may vary.
No offense, but this thread is advertising by HLS. And the rates quoted are not the lowest ever, although they are close. Last May I refinanced a $500K loan, 30 yr fixed, no points, 3rd party closing costs only, at 4.625%.
At the time, my experience was that Zillow mortgage quotes were by far the best way to find a good rate from a reliable broker. Essentially identical rates are quoted today through Zillow. Of course, your mileage may vary.
No offense, but this thread is advertising by HLS. And the rates quoted are not the lowest ever, although they are close. Last May I refinanced a $500K loan, 30 yr fixed, no points, 3rd party closing costs only, at 4.625%.
At the time, my experience was that Zillow mortgage quotes were by far the best way to find a good rate from a reliable broker. Essentially identical rates are quoted today through Zillow. Of course, your mileage may vary.
I think the main reason people are currently holding back from refinancing is the equity they have in their current homes.. the low rates quoted are for <80% LTV. Correct me if I am wrong
I think the main reason people are currently holding back from refinancing is the equity they have in their current homes.. the low rates quoted are for <80% LTV. Correct me if I am wrong
I think the main reason people are currently holding back from refinancing is the equity they have in their current homes.. the low rates quoted are for <80% LTV. Correct me if I am wrong
I think the main reason people are currently holding back from refinancing is the equity they have in their current homes.. the low rates quoted are for <80% LTV. Correct me if I am wrong
